Business, 10.03.2020 07:32 elizabethann2

On December 31, 2018, the unadjusted balance in Prepaid Insurance was $2580. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2018. The unadjusted balance in Insurance Expense was $390, which was the cost of insurance from January 1 to June 30, 2018.
What is the adjusted journal entry for both insurance expense and prepaid insurance?

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On December 31, 2018, the unadjusted balance in Prepaid Insurance was $2580. This was the amount pai...

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